minister tonyme abbott says it is possible a missing malaysia airlines jet will never be recovered. searches for the plane have been canceled with authorities pointing to a new underwater operation. president obama has just arrived in the philippines. he will be in manila for a state visit. the u.s. and philippines have reached a 10 year pact that would allow a larger american military presence in the southeast asian nation. >> back with us now, michael o'sullivan. thank you very much for sticking with us. let's talk about some of the m&a activity and whether that is featuring on your radar. theyou exposed to any of drug companies at the center of all this takeover talk? >> very much so. we have seven top ideas for the year ahead. one of those is copper cash. at three biotech companies, some of the mining companies. think that the pace of this is beginning to pick up. you are seeing some of the big companies. we had novartis a week or so ago looking to use some of the cash pile they have beyond their jurisdiction. trying to clean up the balance sheet. focus degree of strategic comin